Congress Holding Hearing On Whether Insider Trading By Congress Should Be Illegal

Congress Holding Hearing On Whether Insider Trading By Congress Should Be Illegal
Only in a Banana Republic would Congress be “forced” to hold hearings on whether to ban itself from illegal (for everyone else) insider trading. Which explains why below readers can watch precisely that, live from the house Committee on Financial Services.The legislation in question relates to bill H.R. 1148, the “Stop Trading on Congressional Knowledge Act.” We wonder how long until Congress manages to scuttle this latest effort to keep the playing field between the muppets and everyone else. After all, someone has to leak critical rating agency information (such as the FT’s break of a key S&P leak yesterday, or Nancy Pelosi knowing weeks in advance that Moody’s would not downgrade the US) to the media and/or trading entities.

Read more: http://www.zerohedge.com/news/live-hearing-whether-insider

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